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Daily Base Metals Report

Daily Base Metals Report

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

US stocks opened higher today following the release of inflation data. Newly released US CPI for July showed that inflation softened more than expected, suggesting that price pressures are easing further and increasing the likelihood that the Federal Reserve might opt for a more aggressive monetary easing, potentially cutting rates by 50bps in September. The headline CPI came in at 2.9% in July compared to 3.0% in Jue, while core inflation softened to 3.2% from 3.3%. The dollar index declined and stood at 102.45, while the 10yr yield tested 3.8% before coming back up and trading at 3.82%. Elsewhere, the UK CPI increased to 2.2% YoY in July, marking its first rise this year. However, the uptick was modest and fell short of expectations, largely due to a slower-than-anticipated rise in services prices.

The base metals market remained quiet today, with only marginal movements across the complex. Aluminium was mostly unchanged, closing at $2,335.5/t. Copper edged slightly lower, settling at $8,963/t, while nickel closed at $16,276/t. Lead and zinc saw slight increases, trading at $2,007.5/t and $2,715/t, respectively.

Despite a softer dollar and lower Treasury yields, precious metals declined today. Gold decreased to $2,442.5/oz, while silver fell below $27.5/oz. Oil prices also edged slightly lower, with WTI and Brent crude trading at $77.7/bbl and $80.4/bbl, respectively.

14082024

All price data is from 14.08.2024 as of 17:30

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